New York Times rejects report that massive layoffs are imminent

The New York Times is denying a report that the paper is preparing to lay off hundreds of staffers.

The New York Post reported over the weekend that Times chairman and publisher Arthur "Pinch" Sulzberger Jr.'s team is planning a massive cut in staff by year's end and has been talking with some of the Times' unions to come to a deal, hoping to provide reduced severance.

Though the paper has not ruled out more downsizing in the newsroom, a source close to the situation told TheWrap that the Post report was wildly inaccurate and rejected the idea that layoffs would be as extensive as the Post suggested.

The source did not address whether there had been discussions with unions about future severance packages.

Like many newspaper publishers, the Times has been hit hard by declining print circulation and ad revenue as well as increased costs in moving to digital operations.

The paper on Thursday announced a $50 million investment to fund the creation of a new team called NYT Global, which aims to expand the newspaper to "multiple international markets in several major languages."

Back in February, executive editor Dean Baquet sent a lengthy memo to his staff that addressed the way the Times' newsroom "is experimenting and adapting as we move into our digital future."